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Business News›News›Economy›Finance›Govt, ADB ink USD 23 mn loan pact to
strengthen fintech ecosystem in India



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GOVT, ADB INK USD 23 MN LOAN PACT TO STRENGTHEN FINTECH ECOSYSTEM IN INDIA

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Govt, ADB ink USD 23 mn loan pact to strengthen fintech ecosystem in India
PTILast Updated: Mar 14, 2024, 07:47:00 PM IST
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A USD 23 MILLION LOAN AGREEMENT SIGNED BETWEEN THE GOVERNMENT AND ADB AIMS TO
ENHANCE FINTECH EDUCATION, RESEARCH, AND INNOVATION AT GIFT CITY, PROMOTING
GROWTH IN INDIA'S FINANCIAL SERVICES AND FINTECH ECOSYSTEM.

IANS
The government and the Asian Development Bank (ADB) on Thursday signed a USD 23
million loan agreement to enhance access to quality fintech education, research,
and innovation at the Gujarat International Finance Tec-City. GIFT City is an
initiative of the Centre and the Gujarat government to foster India's financial
services and fintech ecosystem, the finance ministry said in a statement.

As per the loan agreement, a fintech institute will be set up at GIFT City. The
pact was signed by Finance Ministry Joint Secretary Juhi Mukherjee and
Officer-in Charge of ADB's India Resident Mission Rajesh Vasudevan.



After signing the agreement, Mukherjee said the project will establish
International Fintech Institute (IFI) to strengthen fintech education, boost
startup success rates, and drive fintech research and innovation.


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"The project's emphasis on market-driven fintech skills programmes, creating
enabling environment for private sector investment and enhancing collaboration
between industry, skills development institutes and development partners will
promote holistic growth of fintech ecosystem in India," Vasudevan said.

The IFI, to be established in partnership with globally reputed institutes and
universities, will offer industry-aligned fintech training programmes that meet
international standards.


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The institute will strengthen innovation and entrepreneurship by supporting
startups, especially women-led, through incubation and acceleration services. It
will also collaborate with industry and venture capital funds to support the
growth of fintech startups.



These interventions will contribute to enhanced employment opportunities,
workforce competitiveness, and productivity in new and green technologies.


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